Use this rally to liquidate longs: Angel Broking

Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"It was a day of consolidation for our market as we saw a flat opening followed by some correction and then a gradual recovery throughout the second half to reclaim the 10550 mark. If we look at the index, it's clearly not going anywhere. The real action was seen in individual stocks, which kept lot of traders engaged during the course of action.

As far as index view is concerned, we would continue with our recent stance and expect the Nifty to gradually march towards its sturdy wall of 10580 - 10640. We reiterate that it would be an opportunity for short term traders to liquidate longs and remain light on positions. One should expect some consolidation for next couple of days before market giving any kind of directional move. Hence, intraday traders are advised to keep focusing on individual stocks and should rather adopt a proper exit strategy. For the coming session, the support now would be seen at 10500 - 10450 levels."

Source : Equity Bulls

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